A. W. BRADFORD, ESQUIRE, GOVERNOR.

have more than twenty votes, the Directors so
chosen shall serve until the first Monday in April
next succeeding their election, and until others are
chosen, at their first meeting after every annual
election, they shall choose, by ballot, a President
and a Vice President, either from among their
own body or from among the other stockholders;
and in case of the death, resignation or disqualifi-
cation of the President, Vice President or a Direc-
tor, the Directors shall proceed to elect another to
fill such vacancy for the remainder of the year.

535

Sec. 7. And be it enacted, That should it so
happen, from any cause whatever, that the annual
election of Directors should not take place in any
one year on the day hereinbefore me-ntioned for
that purpose, the company shall not for that rea-
son be dissolved, but such election may lawfully
be held on such convenient day thereafter as may
be fixed by the President and Directors, they
causing ten days notice thereof to be given in two
or more of the daily newspapers published in the
city of Baltimore.

Company not
to be dissolved.

Sec. 8. And be it enacted, That the President
and Directors shall be and are hereby authorized
to make all kinds of Fire and Inland Insurance;
also to make re-insurance upon all or any of the
risks taken by them, and generally to transact and
perform all business relative to the objects afore-
said, and also to invest the capital and funds of
the company, from time to time, in the stocks and
bonds of the United States, State of Maryland, or
other well secured stocks, and to dispose of the
money or property of the company in such manner
(not contrary to law) as to them shall appear most
advantageous to the company.

Authorized to
insure.

Sec. 9. And be it enacted, That the President
and Directors shall make such by-laws, rules and
regulations not inconsistent with this act, or the
Constitution and laws of the State, as may be
deemed necessary for the government of its officers
and the conduct of its affairs.

By-laws,

Sec. 10. And be it enacted, That the President
and Directors may declare dividends of the profits
of the company semi-annually, or so much thereof
as to them may seem advisable.

Dividends.